MarketWatch - Jan. 15, 2014

By CBS News

Published 01/15 2014 07:21AM

Updated 01/15 2014 07:22AM

CBSNews -- More banks are reporting earnings and one company is replacing millions of credit and debit cards

Bank of America is set to report quarterly earnings this morning. Yesterday, JP Morgan Chase and Wells Fargo each managed to report better than expected profits even though business in their mortgage units fell sharply.

On Wall Street, stocks had their best day of the year.

The Dow rallied 116 points and the NASDAQ climbed 69.

JP Morgan Chase says it has replaced 2 million credit and debit cards as a result of the security breach at Target. CEO Jamie Dimon warned that more massive security breaches will happen if banks and retailers don't work together to protect customers' data. But Dimon says the bank has seen no signs that consumers are moving to other forms of payment like cash or checks as a result of the breach.

Business is booming at Tesla. The electric car maker sold nearly 7 thousand model s sedans in the final three months of 2013. That's a thousand more cars than expected. Tesla also says its model x crossover vehicle will go into production by the end of this year.

And for the first time in 22 years, casino revenue in Atlantic City has fallen below 3 billion dollars. Increased competition from the northeast continues to shrink the market.

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